Comments

Our assumptions are revenues of US$65.5 billion in 2009 growing to US$75.0 billion in 2011. We have used an EBITDA margin of 7% in 2009 rising to 7.5% in 2010 and 2011. We have used a terminal growth rate of 4.0%. We calculated that using a present value calculation with the growth rate dropping from 7.5% in 2012 to 3.5% in 2016. We used a terminal capital expenditure number of US$900 million. We have used a WACC (discount rate) of 11.5%.